Ellington Credit (NYSE:EARN) Stock Rating Upgraded by StockNews.com

Ellington Credit (NYSE:EARN) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

Ellington Credit Trading Up 1.1 %

EARN opened at $6.64 on Wednesday. The firm’s 50 day simple moving average is $6.76 and its two-hundred day simple moving average is $6.91. The company has a market capitalization of $191.25 million, a PE ratio of 5.93 and a beta of 1.87. Ellington Credit has a 1-year low of $5.54 and a 1-year high of $7.26.

Ellington Credit (NYSE:EARN) last announced its earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The company had revenue of $4.75 million for the quarter, compared to analysts’ expectations of $7.55 million. During the same period last year, the firm earned $0.21 EPS. Equities analysts forecast that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ellington Credit

A number of hedge funds have recently modified their holdings of EARN. FMR LLC lifted its stake in shares of Ellington Credit by 243.2% during the 3rd quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 3,429 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new position in shares of Ellington Credit in the third quarter valued at about $170,000. Quadrature Capital Ltd bought a new position in shares of Ellington Credit in the third quarter worth about $220,000. Barclays PLC purchased a new stake in shares of Ellington Credit during the third quarter worth about $334,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Ellington Credit during the third quarter worth about $468,000. 20.40% of the stock is currently owned by institutional investors.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.